Meredith and Sally Had a Major Argument While Designing the Interior

question 60

Multiple Choice

Meredith and Sally had a major argument while designing the interior of a restaurant. The conflict was finally settled when Meredith gave in completely to Sally in an unselfish manner and helped Sally complete the design. In this situation, Meredith used the _____ style of conflict resolution.

• A) accommodating
• B) compromise
• C) collaborating
• D) competing
• E) avoiding

---

Definitions:

Expenses

The costs incurred in the process of generating revenue, including costs like rent, utilities, payroll, and materials.

Assets

Resources owned by a company from which future economic benefits are expected to flow to the entity, including cash, inventory, and property.

Liabilities

Financial obligations or debts that a business owes to others, which must be settled over time through the transfer of economic benefits including money, goods, or services.

Expense Recognition Principle

The accounting principle that dictates expenses should be recognized in the period in which they are incurred, contributing to the accurate reporting of financial results.